When visiting the Philippines, the currency you'll use is the peso, or piso. Currently, one U.S. dollar roughly corresponds to 48 pesos and one euro is equal to roughly 68 pesos. Other currencies you can exchange are the Japanese yen, the British pound, the Canadian dollar and the Australian dollar. The U.S. dollar is still the most prized currency in the Philippines, even if its exchange rate isn't as high as the euro.
Things You'll Need
- Exchangeable currency
- Valid passport
Before departing for the Philippines, ensure that you withdraw only crisp and clean notes from your bank. Some institutions and money changers won't take torn or worn bills. Also, pack a calculator so that you can check the accuracy of any money that is exchanged.
After going through customs at Ninoy Aquino International Airport, find the money changers. They are located right outside customs, before you exit the terminal. Exchange a small amount of currency to give you enough cash to pay for transportation and any other immediate expenses. Additional changers and banks, including Banco De Oro and Bank of the Philippines, can be found at the major Manila shopping malls.
Show your passport to the teller if you are asked for identification.
Always count your money before leaving and double check the accuracy with a calculator. Get a receipt for your records.
Tips & Warnings
- Do not exchange cash on the streets.
- Exchange your money in Manila before traveling to the provincial regions.
- Credit cards are accepted at the major retailers and hotels. Traveler's checks are only exchangeable in the cities. In the Philippines, however, cash is always preferred.
- Pay close attention to the rates of exchange, which fluctuate on a daily basis. The rates are posted at the banks and money changers, and can also be found in the local papers.
- As part of their foreign exchange policy, some banks may attempt to photocopy your passport.
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